Tesla generates $890M in revenue from SpaceX and xAI since 2023

Tesla has disclosed that it expects to pull in roughly $890 million in revenue from transactions with two other companies controlled by Elon Musk: SpaceX and xAI. The revenue spans from 2023 through early 2026, covering everything from energy storage hardware to vehicle sales.

Where the money is coming from

In 2025 alone, Tesla reported $573 million in revenue from Musk-related entities. The lion’s share, $430.1 million, came from xAI. Another $143.3 million came from SpaceX.

The xAI revenue is largely driven by sales of Tesla’s Megapack energy storage systems. SpaceX, meanwhile, has been purchasing vehicles from Tesla.

The $2 billion xAI investment complicates things further

Tesla has also made a $2 billion investment in xAI, Musk’s artificial intelligence company. That $2 billion investment is set to convert into a stake in SpaceX following xAI’s integration into the rocket company.

On the expense side, Tesla reported $24.8 million in costs related to Musk’s entities in 2025. That includes fees paid to both SpaceX and xAI for various services.

The governance question nobody can avoid

Related-party transactions require board approval and disclosure, which Tesla is providing. The question isn’t whether Tesla is telling shareholders about the deals. It’s whether those deals are happening at arm’s length, meaning on terms that Tesla would get from any other customer.

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